Section 473 | Meaning of “a worldwide group”, “ultimate parent” etc

(1)In this Part “a worldwide group” means—

(a)any entity which—

(i)is a relevant entity (see section 474), and

(ii)meets the first or second non-consolidation condition (see subsections (2) and (3)), and

(b)each consolidated subsidiary (if any) of the entity mentioned in paragraph (a).

(2)The first non-consolidation condition is that the entity—

(a)is a member of an IAS group, and

(b)is not a consolidated subsidiary of an entity that—

(i)is a relevant entity, and

(ii)itself meets the first non-consolidation condition.

(3)The second non-consolidation condition is that the entity is not a member of an IAS group.

(4)In this Part—

(a)references to “a member” of a worldwide group are to an entity mentioned in subsection (1)(a) or (b);

(b)references to “the ultimate parent” of a worldwide group are to the entity mentioned in subsection (1)(a);

(c)references to “a single-company worldwide group” are to a worldwide group whose only member is its ultimate parent;

(d)references to “a multi-company worldwide group” are to a worldwide group with two or more members.

(5)In this section “IAS group” means a group within the meaning given by international accounting standards.